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Scenario: Tree Country has a population of 18,000 people, of whom two-thirds are part of the ...

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Scenario: Tree Country has a population of 18,000 people, of whom two-thirds are part of the ...

Scenario: Tree Country has a population of 18,000 people, of whom two-thirds are part of the workforce. The country's only asset is wood, where K = 18,000. The country only produces wooden furniture. In the figure below, Y stands for GDP, and H equals efficiency units of labor.

Refer to the scenario above. Tree Country's GDP likely will increase if ________.

▸ it passes a law that requires college graduates to travel around the world for 1 year before they are allowed to start working

▸ Tree Country gives permanent work visas to 5,000 workers from a neighboring country

▸ the average worker is no longer needs to obtain a college degree in order to be able to find a job

▸ younger generations are less proficient in furniture making but more proficient with modern technology, such as smart phones or personal computers

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

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